How Is Property Divided In An Ocean Springs Divorce?

How is property divided in an Ocean Springs Divorce?

In Mississippi, divorces are in Chancery Court.

And if you and your spouse don’t agree on things, you’ll definitely need an Ocean Springs divorce lawyer.

A divorce case is decided by Judges and the Mississippi Supreme Court has given certain guidelines Chancery Court Judges must follow to divide property.

How Is Property Divided In An Ocean Springs Divorce

In a case called Ferguson v. Ferguson, the Mississippi Supreme Court gave the guidelines:

1. Substantial contribution to the accumulation of the property.  Factors to be considered in determining contribution are as follows:

a. Direct or indirect economic contribution to getting the property;

b. Contribution to the stability and harmony of the marital and family relationships as measured by quality, quantity of time spent on family duties and duration of the marriage; and,

c. Contribution to the education, training or other accomplishment bearing on the earning power of the spouse getting the assets.

2. The degree to which each spouse has expended, withdrawn or otherwise disposed of marital assets and any prior distribution of such assets by agreement, decree or otherwise.

3. The market value and the emotional value of the assets subject to distribution.

4. The value of assets not ordinarily, absent equitable factors to the contrary, subject to such distribution, such as property brought to the marriage by the parties and property acquired by inheritance or gift by or to an individual spouse;

5. Tax and other economic consequences, and contractual or legal consequences to third parties, of the proposed distribution;

6. The extent to which property division may, with equity to both parties, be utilized to eliminate periodic payments and other potential sources of future friction between the parties;

7. The needs of the parties for financial security with due regard to the combination of assets, income and earning capacity; and,

8. Any other factor which in equity should be considered.

How Is Property Divided In An Ocean Springs Divorce

Although this listing is not exclusive, the Mississippi Supreme Court explained that chancery courts should consider these guidelines when trying to get an equitable division of marital property.

So there is your answer to how is property divided in an Ocean Springs divorce.

Whatever you do, don’t wait to hire an Ocean Springs divorce lawyer but BEFORE you hire one, read my book first!